LONDON: Britain on Tuesday announced $68 million in funding to support energy transition and green infrastructure and growth in the Middle East and North Africa.
The announcement was made by UK Minister for the Middle East and North Africa James Cleverly during an event on the second day of the UN Climate Change Conference (COP26) in Glasgow.
The funding will go toward the High Impact Partnership on Climate Action (HIPCA), which was launched by the European Bank for Reconstruction and Development (EBRD) at the event.
“The EBRD-managed Partnership aims to unleash investments and solutions that reduce or prevent greenhouse gas emissions, strengthen resilience and reduce vulnerability to climate change, and protect the environment,” the UK Foreign, Commonwealth and Development Office said in a statement.
The UK is investing in green, innovative projects to tackle climate change in the Middle East & North Africa. Proud to announce £50m UK contribution to @EBRD’s HIPCA programme to support green transformation in industry, energy, agriculture & water. #COP26 pic.twitter.com/PtXtPVsPgT
— James Cleverly (@JamesCleverly) November 2, 2021
The money will be used to mobilize private sector funds to support work across the region, including in Morocco, Algeria, Egypt, Tunisia, Jordan and Lebanon.
“COP26 is not just about realizing the climate commitments of individual governments, it’s about working together to enable all countries to meet global net zero targets and reduce the impacts of climate change,” Cleverly said. “To do this we must unlock public and private investment and push for innovative and green solutions.”
The EBRD’s new HIPCA partnership has been developed in collaboration with the UK, Austria, Finland, Netherlands, Switzerland, and the Taiwan International Cooperation and Development Fund.